The Anambra State High Court sitting in Awka has sentenced the Managing Director of Orient Petroleum Resources Plc, Engineer Nnaemeka Nwawka, and two others to 14 years’ imprisonment each for their roles in a N25 billion fraud case.
The other convicts are Jude Anniekwe Cyril and the Registered Trustees of Sage Nebefeife Foundation. The trio were found guilty on a 10-count charge bordering on stealing, fraudulent conversion and gratification.
Delivering judgment, Justice O. M. Anyachebelu held that the prosecution successfully proved its case beyond reasonable doubt.
According to the charges, the defendants between April 23 and December 21, 2012, fraudulently converted N82,856,934 transferred from the account of Vhelbherg International Limited domiciled in Standard Chartered Bank to the account of Sage Nebefeife Foundation domiciled in First Bank of Nigeria.
In another count, the court heard that between January 8 and May 24, 2013, the defendants converted an additional N29,620,733 from the same company’s account into the foundation’s account for personal use.
The defendants had pleaded not guilty, prompting the Economic and Financial Crimes Commission to proceed to full trial through its counsel, Victor Ukagwu. The trial spanned 10 years, during which four witnesses testified and several documentary exhibits were tendered.
During proceedings, the prosecution alleged that Nwawka facilitated the award of contracts from Orient Petroleum Resources Plc to companies linked to his associates. Payments were allegedly made to those firms and later funneled back to him through Sage Nebefeife Foundation, from which the funds were withdrawn for personal use.
Counsel to the first and third defendants, U.N. Udechukwu (SAN), and counsel to the second defendant, E.S.C. Obiora (SAN), argued that the contracts were properly awarded and executed. However, the court ruled that the evidence presented by the prosecution was compelling.
Justice Anyachebelu sentenced Nwawka and the foundation to 14 years in prison and ordered them to refund N140.9 million to Orient Petroleum Resources Plc.
The case stemmed from a petition filed with the EFCC by an investor in the company, Chief Cletus Ibeto, who claimed he invested N25 billion in Orient Petroleum Resources Plc. He alleged that a significant portion of the funds was diverted through questionable contracts and routed back via the foundation.
The judgment concludes a decade-long prosecution over allegations of financial misconduct and diversion of company funds running into billions of naira.
